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Financing Abbot Point means supporting the Carmichael coal export project.
Adani’s Abbot Point coal port (officially known as Adani Abbot Point Terminal, AAPT), 25km north of Bowen in North Queensland, is nestled between ecologically significant wetlands, sacred Juru traditional sites and the Great Barrier Reef World Heritage Area. Adani has demonstrated that it is unable to operate appropriately in this important environment; spilling toxic coal sludge into the neighbouring wetlands in 2017 and 2019.
Abbot Point port is also essential to the disastrous Adani Carmichael coal project. AAPT has signed a contract with Adani Mining for export of 9.3 million tonnes from 2023. The Carmichael coal project includes the coal mine, rail line and port. Because Abbot Point is an essential link in the chain that forms the Adani Carmichael coal export project, any financing of AAPT can be considered as support for the Carmichael coal export project.
Abbot Point’s $1 billion debt bill coming due
Adani’s purchase of AAPT in 2011 was debt-funded, and the company is facing around $1 billion of debt coming due between 2020 and 2022. AAPT is having some difficulty refinancing this debt, with a bond issue planned for early 2020 postponed and the company having to repay $100 million in April 2020 for bonds maturing in May 2020.
Finance industry databases show that AAPT has appointed financial advisory firm Grant Samuel to keep trying to raise funds in order to refinance debt, and several banks have been appointed to arrange a bond raising. Most of these banks are already creditors to AAPT, so it is likely that AAPT will go to them and other existing creditors for new debt arrangements.
Fill out the action form to tell these creditors that they must rule out further financing of Abbot Point.
